Benefits of using Blockchain - Discussion

Blockchain and Bitcoin 101
#264

Some of the biggest benefits of crypto would be it is immutable, highly divisible, the fact is it scarce and that it is not government issued

1 Like
#265

Corruption would be impossible if all transactions used the blockchain. Imagine that! This is probably why governments dont like it, its biggest strength may also be the reason it doesn’t get adopted as quickly as we’d like.

2 Likes
#266

Do you think that because you want to stack more sats before it does? :stuck_out_tongue:

1 Like
#267

I just watched the Finality video and I had a few thoughts regarding the material, if anyone would indulge me.

  1. Ivan mentioned that blockchain should not necessarily be used in every case for doing transactions, because of finality. Where you can get a charge back with your bank, you can’t get one for your blockchain transaction. I understand that when a transaction is made there is no going back on it, but in your experience has there been some contracts or some kind of system to incentivize the receiver to send the BTC back to the sender, creating a “refund transaction”, if there was some kind of issue with the transaction?

  2. Secondly, Ivan mentioned that using blockchain is a great way to do business with strangers because the transaction is finalized and if you are selling something then you don’t have to trust that you will get paid. But what is to stop me, as an anonymous merchant, to accept the BTC payment and decide not to provide the buyer with the service or good?

It seems that this system heavily benefits the merchant and offers little incentive to the buyer.

#268

Some marketplaces where you can spend Crypto to buy physical goods use so called Escrows, which is a special wallet where you send the funds that only get released once you receive the goods you bought or get sent back in case you didn’t. This is one way to mitigate these kinds of frauds. Refund transactions however are entirely dependent on the merchant :slight_smile:

The marketplaces I mentioned have a rating system which is community generated. If for example a merchant would act in that way, he would get bad reviews and eventually wouldn’t be able to sell anything anymore. :slight_smile:

1 Like
#269

Thank you Alko! I appreciate your response. I understand that one of the big hypes of Bitcoin and Blockchain is to remove the intermediary entirely, but I can see the huge value if having these sort of transparent trustless intermediaries. I think it is a very important bridge for mass adoption. Anyway, I will certainly look into Escrows.

1 Like
#270

Basically, the advantages of using Blockchain technology are decentralization, immutability, security, and transparency. Blockchain technology allows for verification without having to be dependent on third-parties (trustlessness).

1 Like
#271

Very good and welcome to the forum! :slight_smile:

2 Likes
#272

decentralized, secure, easy to audit, capability of having fast transactions, performance booster

1 Like
#273

Blockchain is always traceable. Built in Security. Certain blocks in the chain can be private to just a company or Part of the block can be hybrid where certain layers can be seen by the public and other layers only to a company or government entity.

#274

Hi @bushpilot, welcome to the forum! :slight_smile:
I have never heard of a blockchain like that (it might exist). But the bitcoin blockchain doesn’t have any of these features at all. It is public and no parts can be made private by anyone.

1 Like
#275

Besides the obvious which has already been mentioned, remember, blockchain makes the corrupt banks obsolete, no more trusting untrustworthy middlemen with our money .
Blockchain is the future of everything, peer to peer guys

1 Like
#276

Hello everybody in this Blockchain - Discussion!

Have now participated and have a feeling that I am in a forum with people who enjoy the same subjects that I do. It´s like coming home.

So many intelligent posts. Very interesting to take part of so many different perspective of all future possibilities with this relative new science. I agree to at least 99% of all of the above. I am sure that this, in one way or another, will have a great impact on so many things in our future society and then not just money transactions in a decentralized way. I can see so many opportunities with this new technology.

For me personally I am most interested of this technology as a potential solution of our dying fiatsystems around the world. I really hope for mass adoption and then especially so many small investors as possible, that can increase their standard of living.

A trustless system that would seem to solve the byzantine generals problem. This is very interesting and I hope that this journey will give me a deeper understanding!?

1 Like
#277

There is no doubt, that’s why we are here! :wink:

1 Like
#278

Hello everyone. I am new to the blockchain so this is my learning struggle at this moment. Hopefully, I gain greater knowledge about blockchain technology. I see a few people with the ’ On Fire ’ badge. If we keep it up, we may soon end up starting our own crypto-republic. lol. Cheers.

1 Like
#279

Benefits include:
Military grade cryptography
Self reliance through decentralization
Anti brittle through a global network of ledgers - no single point of failure
Immutable and trustless
Ronald Reagan famously said “Trust but verify.” during arms control talks with the USSR.
Now we don’t even need to trust, just verify!

1 Like
#280

The main benefits of blockchain are provenance, traceability, trust less (no need of a trusted third-party such as a bank, auditor, lawyer etc.), eliminates the problem of double spend, immutability, transparency and privacy at the sametime.

1 Like
#281

Benefitts of using Blockchain?
mmm… hard to say, what is advantage for one peson, should be disadvantage for others.

Public truly decentralized opensource blockchains:
-freedom of use- acces to database for anyone who owns or borow device and is able to conect to internet
-permisionless and decentralization, no one can forbid use of using due lack of central control
-free transfer of value acros the globe, no matter wheter it is coin which representing money or it is valuable information, or anything else described by data and people see this valuable.
-Traceability… in some cases
-Privacy… mostly is
-Immutability and trustlesness are definately bebefits
-for willing and skilled -possibility to bring desired inovations to the code

#282

I would say the one of the biggest advantages of blockchain is security. I also think that it is important to be able to verify completed task without a third party verification. And that it will be completed faster and with less errors.

1 Like
#283

99.99 % network uptime
immutable ledger
transparency
secure
trust less
cost efficient

1 Like